Marketing Research : Marketing research is an important component of the marketing information system. Research means investing in a systematic manner to find out relevant information for solving the problems.
Marketing research refers to the process of collecting information required by the marketing managers for decision-making. It has the following characteristics:
• It is a systematic process of collecting data. Market research is a formal process which is planned before starting the research. It is to identify the information required for solving the marketing problem.
•Data is collected from objective and reliable sources without any personal biases or prejudices.
• Research is carried with an aim to solve the marketing problem
Purpose of Marketing Research :
The main purpose of marketing research is right decision-making by the managers, Marketing research can help to clarify the problem by identifying the reason behind the problem and finding out the various alternatives that can be used to solve the marketing problem.
It simplifies the decision making process. Marketing research helps the organization to know consumers’ views on so many issues, like views on products’ prices, packaging, recent advertising campaigns.
No one can guarantee that any new idea relating to products or business will be successful, but appropriate and up-to-date information on the market can help the managers to make adequate decisions, which can help to provide products that consumers want achieve commercial success.
It is very difficult to find out how customers or distributors will behave in future, market research can provide information about the future on the basis of which managers can make decisions.
Marketing Research Process:
Marketing research process is undertaken to facilitate effective decision-making. It is a series of steps which require systematic and planned investigation of a marketing problem.
It consists of the following steps:
1. Defining your problem,
2. Research design,
3. collecting the data and field work,
4. Data Analysis, and
5. Reporting and Presentation.
Defining the Problem :-Any situation that requires investigation is a problem. A marketing manager has to define the problem narrowly.
Research Design:-To gather the needed information marketing managers have to plan the research design efficiently. He finds out data sources, collection methods, specific research instruments and sampling plans.
Data Sources
Primary Data: It is collected from customers, retailers, distributors, manufacturers or other information sources. It is original data which is collected for current research. It can be collected through observation interviews and experimentation.
Secondary Data: It is the data which is maintained by the organizations or collected from books, magazines, government organizations, trade and industry associations and research firms. This type of data is useful for firms operating at international level.
Research Instruments: Data can be collected by observation, questionnaires etc.
Sampling Plan: Marketing manager selects the sources of information.
Collecting the Data and Field Work:-This is the most crucial step as it is prone to error. Collecting information is an expensive task.
Research design has to be implemented here. There are two stages in the field work. They are organizing field work and supervise the data collection work.
Data Analysis:– After collecting the data from various resources, a marketing manager has to process, organize and analyze the data.
It involves four phases for analyzing the data: Data editing, tabulation and graphical representation, data summarization, statistical inference, correlation and additional data analysis.
Report Making and Presentation : Last and final step of research process is to prepare reports and presentation.
Reports are made in a particular format. It includes objectives and methodology, executive summary of conclusions and recommendations, sample design, detailed findings and observations appendices
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